Research Summary
Research Summary
Game Theory for Business Strategy
Description
Game theory--the mathematical study of strategic interactions--came of age, in a sense, when three of the field's pioneers were awarded the Nobel Prize in Economics in 1994. Yet despite the development of the theory and the widespread use of game-theoretic jargon in the business press (Prisoners' Dilemma, win-win, zero-sum, and so on), tools for the systematic application of game theoretic reasoning to practical business situations remain elusive.
Professor Corts' work in developing such tools centers on the elective course Changing the Game. Together with Professor Adam Brandenburger, Corts is developing simple frameworks to structure the analysis of business interactions in a way that facilitates game theoretic analysis.